After withdrawing Rs 2000 note, RBI to discontinue Rs 500 note? Here’s the truth behind viral post
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Andhra Pradesh's CM, N. Chandrababu Naidu, recently asked the Central government to stop using Rs 500 notes to fight corruption. Following this, a Chartered Accountant said on X (formerly Twitter) that the RBI told all banks to stop giving out Rs 500 notes from ATMs by the end of September. Soon after he tweeted, his claim went viral in no time. His post initiated confusion among netizens.
The plan is to cut the number of Rs 500 notes in ATMs by 75% at first, and then by 90% by March 31, 2026. ATMs will then only give out Rs 200 and Rs 100 notes. The Rs 500 note is now the highest value note since the government took the Rs 2,000 notes out of circulation, although those notes are still legal.
The Reserve Bank of India (RBI) has announced that the total value of Rs 2000 banknotes in circulation has significantly decreased. At the end of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, the value in circulation was Rs 3.56 lakh crore. However, by the close of business on May 31, 2025, this figure had fallen to Rs 6,181 crore.
Consequently, a substantial 98.26% of the Rs 2000 banknotes that were in circulation as of May 19, 2023, have since been returned. The RBI had previously declared the withdrawal of Rs 2000 denomination banknotes from circulation on May 19, 2023.
Here the real truth behind viral post
To enhance public access to commonly used banknote denominations, the Reserve Bank of India (RBI) has mandated that all banks and White Label ATM Operators (WLAOs) ensure their ATMs regularly dispense Rs 100 and Rs 200 denomination banknotes. The directive requires that by September 30, 2025, 75% of all ATMs must dispense either Rs 100 or Rs 200 banknotes from at least one cassette. Furthermore, this target will be raised to 90% by March 31, 2026, with the aim of increasing the availability of these denominations to the public.
What RBI is saying
If the circulation of Rs 100 and Rs 200 notes increases and these denominations are more frequently disbursed from ATMs, it is possible that the number of Rs 500 banknotes in circulation may decrease. However, the RBI has not officially confirmed any plans to withdraw Rs 500 notes, and they continue to be legal tender in the market.
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